Ecobank’s Alleged Extortion: UAE-based company petitions CBN

A United Arab Emirate based Company, has petitioned the Central Bank of Nigeria, alleging extortion by the Ecobank Transnational Incorporated, a subsidiary of Ecobank specialized in recovery of funds.

A copy of the petition letter, claiming extortion by the UAE-based company dated 26th July, 2024 which was signed by Patience Onu titled: “Improper Conduct by Ecobank Nigeria, ETI Specialised Resolution Company Limited,” urged the apex bank to investigate their claims within its power as a regulatory body.

The UAE Company further alleged that senior executives of Ecobank were involved in the extortion attempt.

Documents sighted on Thursday in Abuja by CAPITAL POST, showed that the letter has been acknowledged by the Central Bank of Nigeria and a reply has been forwarded to the complainant indicating that the apex bank would investigate the matter.

The CBN’s reply, which was issued by its Consumer Protection Department, CPD, dated Friday 26th July, 2024 partly read: “We write to inform you to acknowledge receipt of your letter dated 22nd July, 2024 on the above subject.

“Your complaint has been forwarded to Ecobank in line with our helpdesk Circular. In view of the involvement of the Consumer Protection Department, your bank may contact you in its efforts to resolve the complaint.

“The outcome of the engagement will be communicated to you as soon as possible.”

Moreso, checks indicated that the letter of complaint has also been published on the website ecobankextorts.com.

A senior official of Ecobank, who pleaded not to be named, when contacted on Thursday, explained that the bank had In July 2021, wrote to the former Attorney General of the Federation through their legal practitioners, Wigwe & Partners, alleging that the UAE-based company were being investigated in connection with an alleged fraud perpetrated by Agrico Agbe.

He declined to speak further as he does not have power to give details of the controversy to journalists, but said further verification can be obtained on Ecobank and CBN’s website.

Meanwhile, CAPITAL POST recalled that the National Bureau of Statistics, an agency of Nigerian government in late 2023 conducted a survey in collaboration with the United Nations Office on Drugs and Crime and reported that a ‘staggering sum of N721 billion (around USD $1.26 billion) was paid as bribes to Nigerian public and private officials in 2023 alone.